60 companies bid for Myanmar's stock exchange service provider licenses

A total of 60 private security companies have so far bid for service provider licenses for establishing Myanmar's first ever stock exchange in Yangon, according to the Finance Ministry Sunday.

With Deputy Finance Minister Maung Maung Thein as its chairman, the Securities and Exchange Commission has started inviting applications for service providers for the establishment, granting four kinds of services licenses, including underwriters, dealers, brokers and consultants.

The winners for the service licenses are expected to be announced in mid-April.

Myanmar has been making progress in preparation for launching the country's first ever stock exchange market in Yangon scheduled for October this year in joint venture with two Japanese firms.

Under an agreement signed in Nay Pyi Taw, the Yangon Stock Exchange Joint Venture Co. Ltd will be set up with Myanmar Economic Bank (MEB) sharing 51 percent, Japan's Daiwa Institute of Research Ltd sharing 30.25 percent and Japan Exchange Group sharing 18.75 percent.

A small number of private companies with impressive business performances are applying for listing on the stock exchange.